The concept of partnership with the private sector is a cooperation agreement between a government entity and a private enterprise through which the expertise and assets available to both parties can be shared to deliver a service or product for public benefit, as well as to share potential sources, risks and profits of this project.
The ministry of Housing uses this approch to stimulate real estate supply and raising productivity to provide residential products at reasonable price and quality.
The program has several objectives including long-term and short-term strategies, that can be achieved following the launch of the program.
- To establish a balance between supply and demand in the residential market in terms of quality and quantity.
- To accelerate the development of urban development that meets the needs of families and the environment.
- To enable every Saudi citizen, who is below 30 years of age, to own a housing upon his desire.
- Developing sector services and making them competitive.
- To Support the technological transformation of the housing sector by creating smart designs that support technologies within homes.
- Provide a suitable environment that motivates local and international developers to increase the housing supply.
- Upgrade the central procurement policy to meet the best urban planning practices
- Ensuring the joint efforts between the public and private sectors to achieve success in the residential market.